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Receivable Turnover catio

Receivable Turnover catio

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Accounts Receivable Turnover ratio Average Collection Period Inventory Turnover ratio Average days in inventory Number of days in operating cycle
Transcribed Image Text:Accounts Receivable Turnover ratio Average Collection Period Inventory Turnover ratio Average days in inventory Number of days in operating cycle
C&F Store Statement of Financial Position As of December 31, 2014 2013 2014 87,400 Cash 124960 110,000 69,920 Accounts Receivable 249920/2 90,000 129,000 218,500 Inventory 347500/2 - 173750 4,370 Prepaid Rent341,000 12,000 493,810 Delivery Van 550,000 Total Assets 891,000 874,000 Accounts Payable 75,000 67,298 400,000 393,300 Loans Payable 413,402 Anistle Cruz, Capital 416,000 874,000 Total Liabilities and Capital 891,000 C&F Store Statement of Comprehensive Income For the period ending December 31, 2014 2014 2013 810,000 686,000 Sales 348,300 301,750 Cost of Goods Sold 461,700 384,250 Gross Profit 234,900 205,800 Operating Expenses 40,500 17,150 Interest Expense 186,300 161,300 Net Income
Transcribed Image Text:C&F Store Statement of Financial Position As of December 31, 2014 2013 2014 87,400 Cash 124960 110,000 69,920 Accounts Receivable 249920/2 90,000 129,000 218,500 Inventory 347500/2 - 173750 4,370 Prepaid Rent341,000 12,000 493,810 Delivery Van 550,000 Total Assets 891,000 874,000 Accounts Payable 75,000 67,298 400,000 393,300 Loans Payable 413,402 Anistle Cruz, Capital 416,000 874,000 Total Liabilities and Capital 891,000 C&F Store Statement of Comprehensive Income For the period ending December 31, 2014 2014 2013 810,000 686,000 Sales 348,300 301,750 Cost of Goods Sold 461,700 384,250 Gross Profit 234,900 205,800 Operating Expenses 40,500 17,150 Interest Expense 186,300 161,300 Net Income
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